10X Research: ETF Selling Pressure and Liquidation Wave Impact Market, BTC Still Has Room for Deep Correction

Odaily News This week, selling pressure in the crypto market primarily stemmed from Bitcoin spot ETF sell-offs and a wave of forced liquidations triggered by the sharp price drop, further exacerbated by the spillover effects of a sell-off in software stocks, which intensified market volatility. However, some investors stepped in to buy the dip, driving a rapid price rebound within a short period. Nevertheless, most market participants remain cautious about whether the bottom is near. Crypto research firm 10X Research pointed out that Bitcoin may experience a brief counter-trend rebound or consolidation next, but new lows could still be seen this summer. The firm's Head of Research, Markus Thielen, estimates that Bitcoin could potentially fall to as low as $50,000, or even into the $40,000 to $50,000 range. (CNBC)